Marketplace Extension: Complementary Products and Services
A limited product offering is not able to satisfy all customer’s needs. Gain trust and attract more customers by adding third-party complementary products and services to your marketplace with minimal investment.
- Overview
- Challenges
- Business Outcomes
- Spryker Capabilities
- Customers
OVERVIEW
Enhance your Offering
Customers always welcome solutions that will bring convenience to them while shopping. Marketplaces are online platforms where sellers and buyers converge to offer and purchase a number of products. Marketplace extension refers to the expansion of the existing offering with external products or services offered by other merchants. Onboarding third-party suppliers with complementary product lines and services increases convenience for your customers who have the chance to order a wide variety of products from one single source. Ultimately, it is convenient for your business, as inventory management, logistics, and delivery are up to the merchants, and you will end up with a richer portfolio but Limited inventory risk.
Challenges Addressed by Complementary Products and Services
Enhancing your offering with complementary products and services allows you to finally overcome long existing problems and grow in a healthy way.
Customer Needs
Satisfy all customer needs with a rich product and service offering and retain a close customer relationship.
Customer Insights
More product and service variety means more customers, and therefore improved and more complete customer insights.
Personalization
A rich range of complementary products and services allows for personalized offers for customers.
The Business Outcome of Complementary Products and Services
Adding complementary products and services to your marketplace will grow and diversify your overall product assortment, while fostering more customer satisfaction due to complete and convenient solutions. Find out about more benefits and business outcomes below.
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The One-Stop-Shop Perks
With an easy onboarding process of third-party the new service and product assortment lead to a quickly growing customer base. Each organization keeps their existing fulfillment and supply chain processes, with minimal additional costs for the operator.
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Increased Share of Wallet and Customer Lifetime Value
Offer more complete solutions instead of a series of products and services and finally meet customer demand for every product they need.
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Increased Revenue
New products and services increase overall sales potential and create up-selling opportunities. New cross-selling opportunities are available, as external products and services can enhance and complement an initial purchase.
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Leverage Merchants
Diversification and portfolio enrichment with limited inventory risk, as merchants take care of investing in and stocking the inventory. Merchants also take care of logistics and last-mile delivery behind the scenes.
The Spryker Solution
LEARN HOW SPRYKER & OUR PARTNERS ENABLE THIS USE CASE AND YOUR SUCCESS
Spryker Capabilities
- Marketplace storefront
- Merchant Portal
- Operator Back Office
- Product & Offer Management
- Merchant Profiles
Enabling Services
Calibration Session:
- Marketplace Business Model
- Strategy Workshop
- Assortment Analysis
- Merchant Onboarding Coaching
- Marketplace Go-to-Market Planning
Customers with this Use Case
RESOURCES
Find out more
Enhance your Offering with External Complementary Products
A limited product offering is not able to satisfy all customer's needs. Gain trust and attract more customers by adding third-party complementary products to your marketplace with minimal investment.
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